HomeMy WebLinkAboutResolution Fort Worth Housing Finance Corporation (FWHFC) FWHFC-2011-05RESOLUTION NO. FWHFC-2011-05
FORT WORTH HOUSING FINANCE CORPORATION
A RESOLUTION
AUTHORIZING THE TRANSFER OF $614,9'72.50 FROM THE NON-
FEDERAL PORTION OF THE FORT WORTH HOUSING TRUST FUND
FOR USE AS HOME MATCH
WHEREAS, the City Council of the City of Fort Worth ("City") created the Fort Worth
Housing Trust Fund (the "Housing Trust Fund") to provide loans, loan guarantees, and grants to
homeowners, housing builders and developers, and private lenders for the preservation and
development of quality, accessible, affordable housing in the City;
WHEREAS, the City funded the Housing Trust Fund with a combination of certain
monies from the City's General Fund ("General Funds"), and certain of the City's federal grant
funds from the HOME Program ("HOME Funds") and the Community Development Block
Grant ("CDBG Funds") (collectively the "City Funds");
WHEREAS, on August 14, 2007 the City Council in M&C No. G-15811 delegated the
duty of administering the City Funds in the Housing Trust Fund to the Fort Worth Housing
Finance Corporation (the "Corporation") in accordance with the Fort Worth Housing Trarst Fzcnd
Policy Statement and the Fof�t Worth Hozcsing Tratst Facnd Pr•ogram Gacidelines adopted by the
City Council, as amended from tiine to time;
WHEREAS, the City receives grant funds from the United States Department of
Housing and Urban Development ("HUD") through the HOME Investment Partnerships
Program ("HOME") with which the City promotes activities that expand the supply of affordable
housing and develop partnerships with neighborhood-based non profit housing organizations to
benefit low and very low income City citizens by providing them with affordable housing;
WHEREAS, HUD regulations require the City to match 12.5% of its HOME Funds in
any given year from non-federal funds or other sources used for qualified housing projects
("Match"). The City projects its draws of HOME funds in FY2011 will be $4,919,780.00 and its
Match requirement will be $614,972.50;
WHEREAS, in the past City has required its partner agencies, including Community
Housing Development Organizations, to obtain and report all sources of Match which the City in
turn reports to HUD, but HUD gave the City a finding that its documentation of Match was
insufficient;
WHEREAS, City wishes to use $614,972.50 of its General Fund portion of the Housing
Trust Fund to simplify the documentation of eligible forms of HOME Match and desires to
transfer $250,000.00 of these non-federal funds to provide partial funding of the Race Street
Lofts, a multifamily project funded with City HOME funds in City Secretary Contract No.41635
(M&C C-24290), and the remainder of these funds to the City's Homebuyer Assistance Program
("HAP") that provides down payment and closing cost assistance to eligible homebuyers;
RESOLUTION NO. FWHTC-2011-OS
PAGE2
WHEREA5, the Board desires to approve the transfer of $250,000.00 to the Race Street
Lofts project and $364,972.50 to the City's Homebuyer Assistance Prograin for a total transfer of
$614,972.50 from the City's General Fund portion of the Housing Trust Fund to be used as
Match for the City's allocation of HOME grant funds from HUD.
NOW THEREFORE, BE IT RESOLVED SY THE BOARD OF DIRECTORS OF
THE FORT WORTH HOUSING FINANCE CORPORATION (THE "BOARD"):
1. THAT the Board authorizes the transfer of $250,000.00 from the City of Fort Worth's
General Fund portion of the Fort Worth Housing Trust Fund to the Race Street Lofts
project to meet the City's Match obligation, subject to availability of funds.
2. THAT the Board authorizes the transfer of $364,972.50 from the City of Fort Worth's
General Fund portion of the Fort Worth Housing Trust Fund to the City's Homebuyer
Assistance Program to meet the City's Match obligation, subject to availability of funds.
2. THAT Tom Higgins, General Manager of the Corporation, or Jesus J. Chapa, Assistant
General Manager of the Corporation, are authorized to execute and deliver any related
documents and take all actions necessary to implement this Resolution.
3. THAT this Resolution takes effect from the date of its adoption.
AND IT IS SO RESOLVED.
Adopted Apri15, 2011.
FORT WORTH HOUSING FINANCE CORPORATION
By: �k Gc.���� � )-f� � �� �
Kathleen Hicics, President